BRP Group, Inc. (NASDAQ:BRP) Q2 2023 Earnings Conference Call August 9, 2023 5:00 PM ET

Company Participants

Bonnie Bishop - Executive Director, IR

Trevor Baldwin - CEO

Bradford Hale - CFO

Conference Call Participants

Elyse Greenspan - Wells Fargo

Meyer Shields - KBW

Pablo Singzon - JPMorgan

Operator

Greetings. Welcome to BRP Group, Inc. Second Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. [Operator Instructions] Please note, this conference is being recorded.

I will now turn the conference over to Bonnie Bishop, Executive Director of Investor Relations. Thank you. You may begin.

Bonnie Bishop

Thank you, operator. Welcome to the BRP Group second quarter 2023 earnings call. Today's call is being recorded. Second quarter financial results, supplemental information, and Form 10-Q were issued earlier this afternoon and are available on the company's website at ir.baldwinriskpartners.com.

Please note that remarks made today may include forward-looking statements subject to various assumptions, risks, and uncertainties. The company's actual results may differ materially from those contemplated by such statements.

For a more detailed discussion, please refer to the note regarding forward-looking statements in the company's earnings release and to our most recent Form 10-Q, both of which are available on the BRP website.

During the call today, the company may also discuss certain non-GAAP financial measures. For a more detailed discussion of these non-GAAP financial measures and historical reconciliation to the most closely comparable GAAP measures, please refer to the company's earnings release and supplemental information, both of which have been posted on the company's website at ir.baldwinriskpartners.com.

I will now turn the call over to Trevor Baldwin, Chief Executive Officer of BRP Group.

Trevor Baldwin

Good afternoon, and thank you for joining our second quarter earnings call. I'm joined this afternoon by Brad Hale, our Chief Financial Officer; Kris Wiebeck, our Chief Strategy Officer; and Bonnie Bishop, Executive Director of Investor Relations.

BRP had an excellent second quarter with broad-based strength on both the top and bottom lines across our segments. The power of our colleague and client franchise continues to show through in our results with organic revenue growth of 22% on the back of a difficult prior year comp of 24%, driving adjusted EBITDA growth of 45% to $61.6 million and representing a year-over-year margin increase of approximately 240 basis points to 21%.

Total revenue grew 28% and adjusted earnings per share of $0.27 was up 17% in the face of an approximate $13 million or 101% year-over-year increase in our cash interest expense in the quarter.